Core Viewpoint - The recent volatility in gold prices has prompted major state-owned banks in China to adjust their gold-related business practices, enhancing risk management and guiding investors towards rational participation in the market [1][2][4]. Group 1: Adjustments by State-Owned Banks - Major state-owned banks, including ICBC, ABC, BOC, CCB, and others, have implemented changes to their gold-related business, including increasing entry thresholds, transaction limits, and risk assessment requirements [2][4]. - ICBC announced on February 1 that due to significant fluctuations in domestic and international precious metal prices, investors should maintain a rational investment mindset and avoid impulsive trading [2]. - CCB raised the minimum amount for personal gold accumulation to 1,500 yuan starting February 2, citing increased market risks [3]. Group 2: Market Analysis and Long-Term Value - Despite short-term price fluctuations, experts believe that gold and other precious metals still hold long-term investment value due to global risk aversion and changes in asset allocation logic [1][5]. - The precious metals market has shown an upward trend since 2026, with gold and silver performing particularly well, although recent price volatility has raised concerns about future market behavior [5]. - Analysts suggest that while short-term pressures may exist, long-term factors such as declining real interest rates and persistent inflation will continue to support gold prices [5][6]. Group 3: Investor Guidance - Investors are advised to focus on risk management, including understanding market volatility, monetary policy changes, and liquidity risks associated with investment products [6]. - It is emphasized that investors should assess their risk tolerance and avoid excessive leverage, choosing investment tools that align with their financial situations [6].

Core Viewpoint - Recent fluctuations in international gold and silver prices have led to significant adjustments in banking operations and risk management strategies to protect investors amid heightened market volatility [1][9]. Group 1: Market Fluctuations - On February 2, gold futures dropped below $4,500 per ounce, with silver prices experiencing a cumulative decline of approximately 40% from the peak on January 29, while gold prices fell by about 20% [1]. - The current market environment reflects a high volatility phase influenced by macroeconomic expectations, technical overbought conditions, and profit-taking by investors [9]. Group 2: Banking Responses - China Merchants Bank announced adjustments to its "Zhaocai Gold" business, increasing margin requirements for various gold and silver contracts from 60% to 70% to mitigate market risks [2]. - The Agricultural Bank of China implemented a risk assessment requirement for clients engaging in gold accumulation services, mandating a cautious risk tolerance rating [7]. - The Bank of China adjusted margin requirements for silver contracts, increasing the margin from 50.80% to 66.04% in case of a one-sided market [7]. Group 3: Investor Guidance - Banks are advising investors to enhance their risk awareness, control their positions, and avoid impulsive trading behaviors in light of the current market uncertainties [3][8]. - Financial institutions are promoting a strategy of maintaining a rational investment mindset, suggesting that investors should consider long-term perspectives and diversify their asset allocations [9].

邮储银行也于当日发布公告称，近期国内外贵金属市场价格波动剧烈，不确定因素显著增多。为保护黄 金积存、实物贵金属业务客户利益，该行特别提示相关客户，请客户加强风险防范意识，在审慎评估自 身财务状况及风险承受能力的基础上，理性投资、合理配置、避免追涨杀跌，密切关注贵金属行情变 化，控制持仓规模，防范贵金属价格波动带来的资金损失。 除了风险提示，多家银行依据上海黄金交易所最新通知，宣布调整黄金、白银延期合约涨跌幅限制，上 调相关合约保证金比例。 2026.02.02 本文字数：1710，阅读时长大约3分钟 作者 |第一财经 亓宁 面对黄金价格从历史性暴涨到历史性暴跌，银行的风险提示和风控手段调整频率明显提高。 2月2日，黄金白银延续跌势，国际黄金现货价格一度跌至4403.64美元/盎司，日内最大跌幅超过9%；国 际白银现货价格最低触及71.33美元/盎司，日内最大跌幅接近15%。 同日，工商银行再度发布《关于加强防范贵金属市场价格波动风险的提示》称，近期国际贵金属市场波 动率显著增加，引发价格快速变化，风险进—步显现，提醒客户在审慎评估自身风险承受能力的基础 上，保持理性投资心态，避免盲目追涨杀跌。"建议从中长期视 ...

Core Viewpoint - The article discusses the significant volatility in the gold and silver markets, leading banks to increase risk warnings and adjust their risk management measures in response to the sharp price fluctuations [2][3]. Group 1: Market Volatility - On February 2, international gold prices fell to $4,403.64 per ounce, with a maximum daily drop exceeding 9%, while silver prices hit a low of $71.33 per ounce, with a drop close to 15% [2]. - Banks, including Industrial and Agricultural Banks, issued warnings about the increased volatility in the precious metals market, urging clients to assess their risk tolerance and maintain a rational investment approach [2][3]. Group 2: Risk Management Adjustments - Several banks announced adjustments to the margin requirements for gold and silver futures contracts in response to the volatility. For instance, Industrial Bank raised the margin for silver contracts from 60% to 66% on February 2 [4]. - Prior to this, on January 28, Industrial Bank had already increased the margin for various gold contracts from 43% to 60% and for silver contracts from 47% to 60% [4]. - Agricultural Bank also adjusted the price fluctuation limits for silver contracts, increasing the limit from 19% to 25% if a one-sided market condition occurs [5]. Group 3: Client Advisory - Banks emphasized the importance of clients maintaining awareness of market changes and controlling their positions to mitigate risks associated with price fluctuations in precious metals [3][5]. - Postal Savings Bank similarly advised clients to strengthen their risk awareness and rationally allocate investments based on their financial situations and risk tolerance [3].

Core Viewpoint - The recent volatility in gold and silver prices has prompted banks to increase their risk warnings and adjust their risk control measures significantly. Group 1: Price Volatility - On February 2, international gold prices fell to $4403.64 per ounce, with a maximum daily drop exceeding 9%, while silver prices hit a low of $71.33 per ounce, with a drop close to 15% [1] - Agricultural Bank and Postal Savings Bank both issued warnings about the significant fluctuations in precious metal prices, urging clients to assess their risk tolerance and maintain a rational investment mindset [1][2] Group 2: Risk Management Adjustments - Industrial and Commercial Bank of China (ICBC) announced an increase in the margin ratio for personal clients trading silver contracts from 60% to 66% effective February 2, following a notice from the Shanghai Gold Exchange [2] - On January 27, ICBC had already raised the margin ratio for gold and silver contracts due to increased market risks, with gold contract margins adjusted from 43% to 60% and silver from 47% to 60% [3] - China Merchants Bank also raised the margin ratio for its gold and silver contracts to 70% on February 2, while maintaining the price fluctuation limit for gold contracts at 15% [4] Group 3: Client Advisory - Banks are advising clients to avoid impulsive trading behaviors such as chasing price increases or selling off during declines, emphasizing the importance of monitoring market conditions and controlling position sizes [1][2] - The banks are also adjusting the entry requirements for personal gold accumulation business, raising the minimum subscription amounts in response to the recent price surges [4]

Core Viewpoint - The recent volatility in gold and silver prices has prompted banks to enhance risk management measures and issue warnings to clients regarding potential market fluctuations [2][3][5]. Group 1: Market Volatility - On February 2, international gold prices fell to $4403.64 per ounce, with a maximum daily drop exceeding 9%, while silver prices dropped to $71.33 per ounce, with a maximum daily decline close to 15% [2]. - Banks are responding to increased volatility in the precious metals market, with significant price fluctuations leading to heightened risk awareness among financial institutions [2][3]. Group 2: Risk Warnings from Banks - Industrial and Commercial Bank of China (ICBC) issued a warning on February 2, advising clients to assess their risk tolerance and maintain a rational investment approach amid market volatility [2]. - Agricultural Bank of China also released a notice on the same day, urging clients to carefully evaluate their financial situation before engaging in precious metals trading [3]. - Postal Savings Bank of China emphasized the importance of risk awareness and prudent investment strategies for clients involved in gold accumulation and physical precious metals business [3]. Group 3: Margin Adjustments - ICBC announced an increase in the margin requirement for personal clients trading silver contracts from 60% to 66% effective February 2, following a notification from the Shanghai Gold Exchange [3][4]. - On January 27, ICBC had already raised the margin for gold contracts from 43% to 60% due to increased market risks [4]. - China Merchants Bank adjusted its margin requirements for various gold contracts from 60% to 70% effective February 2, while maintaining a 15% limit on price fluctuations [5].

英中贸易协会成立于1954年，是英国最具影响力的贸易促进机构之一。中国工商银行（伦敦）有限公司 是该协会会员单位。 责任编辑：曹睿潼 来源：中国工商银行 2月2日，中国工商银行董事长廖林在京会见英中贸易协会主席吴思田，双方围绕中英宏观经济形势、工 行在英业务布局、中英经贸投资合作等话题进行深入交流。中国工商银行副行长张伟武、英中贸易协会 总裁白彼得、施罗德投资集团代表等参加会见。 来源：中国工商银行 2月2日，中国工商银行董事长廖林在京会见英中贸易协会主席吴思田，双方围绕中英宏观经济形势、工 行在英业务布局、中英经贸投资合作等话题进行深入交流。中国工商银行副行长张伟武、英中贸易协会 总裁白彼得、施罗德投资集团代表等参加会见。 中国工商银行高度重视英国市场，积极发挥自身国际化综合化优势，助力两国经贸投资往来。2025年9 月，中国工商银行携手英中贸易协会主办了第25届投洽会"投资英国"配套论坛，为深化双边投资合作注 入动力。中国工商银行将认真落实两国领导人达成的重要共识，加强与英中贸易协会的交流合作，依托 中欧企业联盟等多边平台，加强信息共享与资源对接，为两国企业在绿色发展、科技创新、高端制造等 领域的合作提供 ...

来源：中国工商银行 责任编辑：曹睿潼 来源：中国工商银行 近日，工商银行召开2026年全面从严治党暨纪检监察工作会议，传达学习贯彻二十届中央纪委五次全会 精神，总结2025年全面从严治党工作，部署2026年重点任务。党委书记、董事长廖林出席会议并讲话， 党委副书记、行长刘珺主持会议，驻工商银行纪检监察组组长、党委委员杨少俊对纪检监察工作进行安 排，党委班子成员、高管层成员出席会议。中央金融纪工委等单位有关同志到会指导。 会议指出，过去一年，工商银行党委坚持以习近平新时代中国特色社会主义思想为指导，与驻工商银行 纪检监察组同题共答、同向发力，纵深推进全面从严治党从严治行，清廉银行建设迈上新台阶。会议分 析了当前全面从严治党、党风廉政建设和反腐败斗争中存在的问题，强调要采取有力举措，加快推动解 决。 近日，工商银行召开2026年全面从严治党暨纪检监察工作会议，传达学习贯彻二十届中央纪委五次全会 精神，总结2025年全面从严治党工作，部署2026年重点任务。党委书记、董事长廖林出席会议并讲话， 党委副书记、行长刘珺主持会议，驻工商银行纪检监察组组长、党委委员杨少俊对纪检监察工作进行安 排，党委班子成员、高管层成员出 ...

宏观经济深度研究 全球生产网络与绕不开的中国 ——"经纬之间 纵横其链"中国价值链系列研究之三 在全球生产网络中，中国正从参与既有分工的贸易节点，转变为牵动价值流向 的中枢型力量。这一转变由三重结构性动能共同推动：一是长期积累的规模化 供给能力推高了中国在全球产出中的权重；二是产业升级推动价值获取能力上 移，使中国逐步减轻对低端环节的依赖；三是本文重点关注的，更广泛、更深 入的跨国产业连接重塑了中国在全球价值链中的位置。传统价值链分析强调沿 工序展开的纵向分工，而随着生产组织方式的变化，价值流动越来越呈现多节 点协同、跨区域重组的横向特征。因此，本文从网络视角分析，中国已经成为 连接最密集的价值输出枢纽，并与美国共同构成驱动全球价值循环的双核心。 但二者的作用方式并不相同，美国的影响更多体现在与核心经济体形成长期而 稳定的黏性联系，中国的影响主要来自为大量经济体提供难以绕开的生产投 入。正是这种路径上绕不开、关系上未完全锁定的并存状态，使路径依赖在形 成结构性优势的同时，也放大了潜在的系统性风险。如何在巩固中枢地位的同 时降低风险，关键在于海外生产节点的分散布局、与新兴节点的深度协同以及 更高水平的经贸合作， ...

Core Viewpoint - Recent significant fluctuations in gold prices have prompted major state-owned banks in China to adjust their precious metals business rules and issue market risk warnings to enhance investor risk management [1] Group 1: Bank Adjustments - Industrial and Commercial Bank of China (ICBC) has raised the minimum purchase amount for gold accumulation from 1,000 yuan to 1,100 yuan and restricted the accumulation business to C3 balanced clients and above starting from January 12 [2] - China Construction Bank has increased the minimum investment amount for its gold accumulation products to 1,500 yuan, effective from February 2, with plans for future adjustments based on market conditions [3] - Agricultural Bank of China has introduced a requirement for clients to complete a unified risk assessment before engaging in gold accumulation operations, effective from January 30 [6] Group 2: Risk Management Measures - ICBC has advised investors to rationally invest based on their risk tolerance and to control their positions to mitigate volatility risks [2] - China Bank has issued a risk warning regarding all types of precious metal businesses, urging clients to manage their holdings according to their financial situation and risk tolerance [4] - Bank of Communications has tightened client risk level requirements, allowing only clients with growth, aggressive, or balanced risk profiles to access full functionalities of their precious metals wallet [5] Group 3: Investor Guidance - Agricultural Bank of China has recommended that investors participate in business activities rationally and enhance their risk awareness [7]